HomeSportsTwo New IPL Franchises Sold for More than $1.6 Billion

Two New IPL Franchises Sold for More than $1.6 Billion

Two New IPL Franchises Sold for More than $1.6 Billion

BCCI president Sourav Ganguly, BCCI vice president Rajeev Shukla, secretary Jay Shah and others during the bidding process for two new IPL franchises, in Dubai on Oct. 25. (ANI photo)

Associated Press

DUBAI, United Arab Emirates — Two more franchises have been added to the world’s biggest and richest Twenty20 league after the new owners spent a combined total of more than $1.6 billion to acquire their teams, the Board of Control for Cricket in India said Oct. 25.

The business conglomerate Sanjiv Goenka’s RPSG group won the bid for Lucknow in the Indian Premier League with an offer in excess of $932 million, while the private equity firm Irelia Company Pte Ltd. (CVC Capital Partners), will own Ahmedabad after making a bid of more than $692 million.

“It is heartening to see the inclusion of two new teams at such a high valuation, and it reiterates the cricketing and financial strength of our cricket ecosystem,” BCCI president Sourav Ganguly said in a statement.

“True to IPL’s motto of ‘Where Talent Meets Opportunity’, the inclusion of two new teams will bring more domestic cricketers from our country to the global stage.”

It will be the second time that RPSG group has owned a team in the IPL. It also owned Rising Pune Supergiant which competed in 2016 and 2017, when the Chennai Super Kings and Rajasthan Royals franchises were banned.

Irelia, which has offices in Europe, Asia and the Americas, has been involved in Formula 1 and recently bought stakes in Spain’s football league, La Liga.

There were seven other bidders for the two new franchises that also included Avram Glazer’s Lancer Capital. The Glazer family owns Manchester United.

The 2022 IPL season will comprise 10 teams taking part in two groups of five.

Meanwhile, in related news, Pakistan crushed India by 10 wickets for the first-ever victory against its archrival in a T20 World Cup game, on Oct. 24.

Mohammad Rizwan (79 not out) and captain Babar Azam (68 not out) struck superb unbeaten half centuries and eased Pakistan to 152-0 in 17.5 overs in Group 2 of the Super 12s.

Fast bowler Shaheen Afridi (3-31) had earlier rattled India’s top order by removing both openers – Rohit Sharma and KL Rahul – in his first two overs before skipper Virat Kohli’s 57 off 49 balls took the 2007 champion to 151-7.

“We executed our plans well and the early wickets were very helpful,” Babar said. “We weren’t thinking of the record against India at all. I only wanted to back all our players who’ve been preparing well.”

Babar won the toss and opted to chase. The decision paid off. Both Babar and Rizwan toyed with Indian bowlers as Kohli’s men in blue struggled with the wet ball when dew settled in the second half of the game.

Earlier, Afridi’s impressive burst of two quick wickets put India on the back foot from the onset. Kohli and Rishabh Pant (39) tried briefly to unsettle the attack with Pant hitting two sixes before he skied a catch to Shadab Khan (1-22) while attempting a sweep in the 13th over.

Pakistan’s bowlers – especially Haris Rauf and Afridi – varied their pace intelligently in the death overs that didn’t allow even batting maestro Kohli to accelerate. Kohli was finally undone by Afridi’s slower bouncer in the penultimate over as he top edged a catch to Rizwan behind the stumps.

Babar and Rizwan were hardly troubled by either the pace of Jasprit Bumrah or the two spinners in a perfectly orchestrated run chase with the wet ball coming onto the bat nicely.

Babar reached his half century in style by lofting spinner Varun Chakravarthy over midwicket for a six before Rizwan raised his fifty with a pulled four off Bumrah in the 15th over.

Rizwan stamped Pakistan’s supremacy in style by clobbering a six and two boundaries off Mohammed Shami and then finished off the game in the same over by scampering for two runs.

It was Pakistan’s first-ever victory by 10 wickets against any opposition in a T20 while India also faced the ignominy of losing by such a margin for the first time.

The victory was Pakistan’s first win against India in a T20 World Cup which dates back to 2007 when India won the inaugural tournament by beating Pakistan in the final. Pakistan won the 2009 edition.

“Some quality bowling from Pakistan didn’t let us get off the blocks,” Kohli said, while admitting Pakistan outplayed his team.

“When you lose three early wickets it’s very difficult to come back, especially when you know the dew is coming. We’re certainly not a team that presses the panic button, it’s the start of the tournament, not the end.”

New Zealand, Afghanistan, Scotland and Namibia are the other teams in the group.

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